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Tractor Supply Credit Card: Think Twice Before You Click “Apply”

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Many large retailers have store branded credit cards. If you are a frequent shopper at Tractor Supply, the credit card may help you save money in certain situations. But if you are looking for a credit card with a robust cash-back or rewards program, there are superior options available from other credit card issuers. 

Tractor Supply Credit Card – Everything You Need to Know

With over 1,700 retail stores nationwide, Tractor Supply has emerged as a power player in the home improvement space. 

The store sells plenty of big ticket items, such as lawn care equipment and furnaces – racking up a few thousand dollars in expenditures at Tractor Supply is not so far fetched. 

If you are about to embark on a major home improvement project or find yourself spending thousands of dollars per year at Tractor Supply, it is important to understand what the card offers prior to filling out the application.

What You Need to Know Before You Apply for the Tractor Supply Credit Card

Tractor Supply Personal Credit Card currently features a variety of different money saving promotions for its customers.

It is currently offering a 5% discount on purchases above $1,599. This promotion began in late February and ends on July 31, 2019. A $2,000 bill would result in a discount of $100, resulting in a final bill of $1,900. The promotion cannot be combined with other offers and cannot be used towards shipping expenses or taxes. There may be other exclusions.

The Tractor Supply Personal Credit Card also has various financing options available. 

You can pay no interest on balances of $199 or higher, provided that you pay the balance in full within 6 months. In other words, you will nott be charged interest during that six month period, so long as the balance is paid entirely once the 6 month period elapses. 

However, should you leave a balance on the card after the 6 month window, hefty interest charges will apply. The Annual Percentage Rate (APR) for the card, as of late December 2018, was just over 28%. This specific promotion is valid until December 31, 2019.

For purchases of $399 or more, you will not face interest charges for 12 months, so long as the entire balance is paid in full once the 12 month period elapses. Should you fail to make the payment upon the expiration of that window, the aforementioned interest charge will apply. This offer is available until December 31, 2019.

For purchases that exceed $1,599, you can score a significantly lower interest rate — 3.99% — if you stretch out the payment schedule of this balance to one payment per month for 36 months. That is the equivalent of 36 payments. You can take advantage of this offer up until December 31, 2019.

Purchases that are greater than $6,999 can be paid in monthly installments over an even longer period of time: 48 monthly payments. With this option, the Annual Percentage Rate is 3.99%, which is much lower than the card’s typical Annual Percentage Rate as of late 2018, which was over 28%. This promotion ends on December 31, 2019.

Each of these loan offers is subject to credit approval. Traditionally, those with lower credit scores are subject to higher interest rates.

Is it a Good Idea to Use the Tractor Supply Credit Card as a Loan Card?

Using the loan options on the Tractor Supply Personal Credit Card can be beneficial for large purchases that are paid off over long periods of time. The latter two promotions — the one for 36 months and 48 months — can save you money, especially if you can’t afford to pay off the balance of the card in full in the weeks after your initial purchase. An interest rate of 3.99% is significantly smaller compared to personal loans’ rate which usually starts from 7.89% APR. 

Additionally, if you are looking for a short-term loan that spans 12-15 months, you may want to look beyond the Tractor Supply card. 

There are credit cards out there that offer a zero percent interest rate for 12-15 months. Plus, with these cards, you will not be limited to just Tractor Supply. 

These cards give you more flexibility. Below is a list of alternative credit cards that offer zero percent interest rates for at least one year. 

Which Credit Cards Do a Better Job Than the Tractor Supply Credit Card

There are a few credit cards that offer superior rewards than the Tractor Supply card. 

The Capital One Quicksilver Cash Rewards Credit Card offers a 0% Annual Percentage Rate for 15 months

That means you can leave a balance on the card for 15 months and pay no interest at all. After this 15 months period, the interest charges kick in. 

The Tractor Supply Personal Credit Card only offered zero percent interest rate for 6 months or 12 months, per the examples mentioned earlier in this article. 

The Capital One Quicksilver Cash Rewards card also offers 1.5% cash back on all purchases. You are essentially being paid to shop and use the credit card! Plus, should you open this Capital One credit card and spend $500 within the first three months, Capital One will award you with a $150 cash bonus. It’s a win-win!

The Citi Rewards+ Card also offers a zero percent Annual Percentage Rate for 15 months. 

This means you will not pay any interest charges for balances left on the card for 15 months. Once this grace period ends, the interest rate will be charged. The actual rate is determined by how high or low your credit score is. 

This card is especially valuable for spending at supermarkets and on gasoline. Within these two categories, the card offers 2x the points for each dollar on the first $6,000 annually. After this threshold, you receive one point per purchase. For every purchase on this card, you will earn one point for each dollar spent.

The HSBC Gold Mastercard Credit Card boasts a 0% APR on purchases and balance transfers for 18 months after the card is initially opened. The card also has no annual fee and zero foreign transaction fees

Plus, the HSBC Cash Rewards Mastercard credit card comes with a zero percent Annual Percentage Rate for 12 months on purchases and balance transfers, before a higher variable interest rate applies. This card also has no annual fee and includes 1.5% cash rewards on each and every purchase. Again, you are essentially being paid to use the card.

If you plan to make a large purchase at Tractor Supply or any other store, another option to save money on interest expenses is to use whatever credit card you currently have for that purchase and simply transfer the balance to a card with a zero percent promotional rate. Click here for a list of the best zero percent APR balance transfer cards. 

Questions Answered Before You Apply for a Tractor Supply Credit Cards

Where can I use my Tractor Supply Credit Card?

The Tractor Supply Credit Card is best for those who shop frequently at Tractor Supply locations. There are over 1,700 stores nationwide. The card offers a 5% discount on purchases that exceed $1,599. This discount can amount to savings worth hundreds of dollars depending on the purchase amount. 

How Long Does it Take to Get a Tractor Supply Credit Card?

You can apply for the Tractor Supply Personal Credit Card online. Once you are approved, just like any other credit card, you should receive your credit card via mail within a few weeks, if not sooner. 

How to Get Cash From a Tractor Supply Credit Card

Credit cards tend to offer cash advances. This is where you can tap into the card’s credit limit and receive cash for it. The problem is, the payback interest rate on a cash advance can be very high; over 20% in certain cases. In the credit card agreement, which you should see during the card application process, the interest rate that is charged on the card should you wish to take out a cash advance is disclosed. 

How to Close my Tractor Supply Credit Card

Simply call the credit card company and ask them to close the account. You may also want to ask for a letter in writing where the credit card company acknowledges that the card was closed with a zero balance. 

Closing a credit card can cause a temporary ding to your credit score, but the bigger issue is, it may raise your utilization ratio, which could also ding your credit score. This is especially an issue if you owe balances on other credit cards. Closing just one credit card, even if it has a zero balance, reduces the total available credit limit you have across all of your credit cards.

This can result in a higher utilization ratio, which is not good for your credit score. If you do not owe balances on any of your credit cards, you do not have to worry about the utilization ratio. 

Bottom Line: Should You Get the Tractor Supply Credit Card?

The Tractor Supply Credit Card can be a money saving tool for frequent shoppers of Tractor Supply – especially for consumers who spend thousands of dollars per year at the store. However, there are a variety of other credit cards that offer better interest rate promotions and cash back offers that can result in even more savings. 

Plus, if you are about to make a significant purchase at Tractor Supply, you may be better off using your current credit card (i.e. a non Tractor Supply credit card) and then transferring that balance to a new credit card that offers a zero percent interest rate for either 12 months or 18 months. 

With the Tractor Supply credit card, the benefits are largely limited to that specific store. The other credit cards mentioned in this article offer benefits across all of the purchases you make on the card — whether its cash back offers or extra rewards points on expenditures within specific categories like groceries or gasoline.

Editorial Disclosure: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

UGC Disclosure: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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